Aeva

Aeva develops next-generation sensing and perception systems including 4D LiDAR-on-chip for autonomous vehicles and robotics. Its LiDAR sensors dubbed “Aeries II” are equipped with unique frequency modulated continuous wave (FMCW) 4D technology for high sensing capabilities and use a continuous laser. It can sense objects 500 meters away over a field of view (FoV) of 120 x 30 degrees. Aries II is powered by the company’s proprietary 4D Perception software. Aeries II is reportedly the world’s first LiDAR-on-chip silicon photonics design. 

The company launched Aeva Atlas, an automotive-grade 4D LiDAR sensor, in January 2024. It can sense objects 500 meters away over a field of FoV of 120 x 30 degrees. The company claims that Atlas is the first automotive-grade 4D LiDAR sensor for mass production in automotive applications. Atlas is powered by Aeva’s proprietary Digital Signal Processing Software. The company claims the unit is 70% smaller and 4x more energy-efficient than the company’s previous lidar solutions.

Aeva sources product components from third-party vendors and assembles the final product in its assembly facility in San Francisco, California. However, since September 2021, the company has gradually shifted to a manufacturing model that solely relies on local and foreign third-party suppliers for both manufacturing and assembly. The company began shipping its LiDAR systems to strategic customers in mid-2022 and reported shipping 40+ units to customers by December 2022 .

Key customers and partnerships

The company has entered into product collaborations with partners including automotive component manufacturers ZF Group (September 2020), Denso (January 2021), and Fabrinet (November 2021) to develop LiDAR systems for vehicles and Nikon to develop sensors for robotic factory production lines (August 2021). 

Avea has high-volume production deals with autonomous shuttle services provider May Mobility (November 2023) and an unnamed global automotive OEM (January 2024).

Funding and financials

Aeva generated revenue of USD 4.3 million and reported a non-GAAP operating loss of USD 124.1 million in the year ended December 2023. The company has been listed on NYSE since March 2021, via a merger with a special purpose acquisition company (SPAC), which valued the combined entity at USD 2.1 billion (November 2020).

In November 2023, the company raised USD 145 million via a combined private investment and preferred facility deal from existing long-term stockholders. The company intended to utilize the funds to enhance its standing with OEMs, and improve its ability to support various high-volume production programs, potentially increasing its prospects for securing additional contracts.